PJT Partners now expects non-compensation expense growth of closer to 14% for 2026, up from its prior guidance of approximately 12%, as Chairman and CEO Paul Taubman indicated full-year revenue growth will moderate from the first half's pace. Chief Financial Officer Helen Meates attributed the higher cost outlook to elevated business-related expenses and continued investments in AI and technology infrastructure, while also announcing she will step down on October 1 with Arun Kalra elevated from Director of Finance to CFO. Taubman said all businesses are on track for record full-year performance but cautioned, 'I don't think we're going to grow 24% for the full year,' after the firm posted record second-quarter revenues of $486 million and adjusted pretax income of $106 million. The firm accrued compensation expense at 66.5% of revenues for the first half, which Meates said is the current best estimate for the full year, and reported $535 million in cash and equivalents with no funded debt. Restructuring activity is expected to remain elevated, and strategic advisory mandate counts are up more than 20% from a year ago.
PJT Partners IncRaises 2026 non-comp expense growth forecast to 14% from 12%, and CFO steps down, signaling slower revenue growth.